Bagnall Court up for collective sale at $125 mil
Bagnall Court is found at the end of Upper East Coastline Highway near the Bedok Street crossroads, opposite the Laguna Gold and Country Club as well as Bedok Camp. It adjoins the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown and also Thomson-East Shore Lines slated to open in 2025.
Featuring the state area and also based on the smallest typical unit size of 85 sqm (914 sq ft), the location may fit approximately 113 apartments.
The building was built in the 1990s as well as consists of 43 walk-up condos, spread out throughout two blocks that are four storeys each. It has an acreage of 69,563 sq ft zoned for non commercial use with a gross plot ratio of 1.4 and even a permitted level of approximately five floors.
JLL notes that the residential property has a development standard comparable to a gross plot ratio of about 1.4904. Therefore, only a relatively small section of the additional gross flooring section GFA attracts a land betterment cost. There is even 4,600 sq ft of remnant state land that may possibly be amalgamated within the site for redevelopment, permitting extra new units.
Tan Hong Boon, executive director of capital markets at JLL, projects the site to draw in interested competition from medium-sized developers, provided its “workable quantum” opposing considerably larger Government Land Sale (GLS) sites. “The guide cost of $125 million is an incredibly practical rates for a property area of such size as it contrasts very positively with several current sales of rural 99-year leasehold places, which are currently at these price levels,” he adds.
Other features nearby feature Eastwood Centre and Bedok Food Centre, which are within walking range. Changi City Point, East Village, and the Simpang Bedok collection of dining establishments are inside brief driving range.
Bagnall Court, a property non commercial property development located on Upper East Coast Roadway, is up for combined sale by tender at an overview rate of $125 million. Beyond 80% of proprietors have granted the sale, according to advertising and marketing agent JLL.
The guide price equates to a land price of around $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and also taking into account an approximated land costs for the state property. Inclusive of an additional 8% bonus GFA, the unit land charge will certainly be about $1,180 psf ppr. JLL highlights hat the unit land fees are assessed based upon the past property fee rates as of March 1, as the changed rates to be effective from Sept 1 have yet to be publicized by the related authority among switch from the development expense system to the colony betterment fee.
The tender will close on Oct 26 at 3pm.
